09:58     <09242>, <09047> & <09050> - Announcement (2)                       

    Investors should note that the calculation of the Cash Settlement         
    Amount of the Warrants take into account the Periodic Cash Settlement     
    Amount at each Periodic Fixing Date. The Cash Settlement Amount of        
    the Warrants will unlikely be the same as the relevant Periodic Cash      
    Settlement Amount set out above.                                          
                                                                              
    Average Return Warrants                                                   
    * Investors should note that the Periodic Reference Price(s)              
    (cumulative to date) of the Warrants set out above reflect the sum of     
    the Periodic Reference Price(s) in respect of these dates only.           
                                                                              
    ** Investors should note that the Warrants are European style             
    and may only be exercised on the relevant Expiry Date. In respect of      
    each issue of Warrants, each Exercise Amount will entitle the holder      
    on exercise thereof to receive from the Issuer the Cash Settlement        
    Amount equal to (1) the Entitlement (as defined in the terms and          
    conditions of the Warrants) (subject to adjustment) in respect of a       
    Periodic Fixing Date multiplied by (i) the sum of the Periodic            
    Reference Prices (subject to adjustment) divided by the number of         
    Periodic Fixing Dates less (ii) the Exercise Price (subject to            
    adjustment); less (2) the Exercise Expenses (as defined in the terms      
    and conditions of the Warrants). For the avoidance of doubt, if the       
    Cash Settlement Amount is a negative figure, it shall be deemed to be     
    zero.                                                                     
                                                                              
    Investors should note that the calculation of the Cash Settlement         
    Amount of the Warrants take into account the Periodic Reference Price     
    at each Periodic Fixing Date. The average of all the Periodic             
    Reference Prices is then compared with the Exercise Price before the      
    Cash Settlement Amount is determined. The Cash Settlement Amount of       
    the Warrants will not be the same as the relevant Periodic Reference      
    Price set out above.                                                      
                                                                              
    *Investors should also note that the description `Locked-In Return'       
    refers to the calculation of the return on the Warrants only; there       
    is no guaranteed return on the Warrants where the arithmetic mean of      
    the closing price of the Shares on the five Valuation Dates in            
    respect of each Periodic Fixing Date is less than the Exercise Price.     
    Please refer to the Conditions of the Warrants set out in the             
    relevant Supplemental Listing Document.                                   
                                                                              
    ** Investors should note that the description `Average Return'            
    refers to the calculation of the return on the Warrants only; the         
    return of the Average Return Call Warrants is calculated by reference     
    to the average of the Periodic Reference Prices, that is, by              
    reference to the sum of the Periodic Reference Prices divided by the      
    number of the Periodic Fixing Dates; if on the Expiry Date, the           
    average of the Periodic Reference Prices is less than the Exercise        
    Price, the Warrantholders will not receive any payment from the           
    Issuer and will sustain a total loss of their investment. Please          
    refer to the Conditions of the Warrants set out in the relevant           
    Supplemental Listing Document.                                            
                                                                              
    Hong Kong, April 4, 2005